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View all search resultsPhilippines cuts tax on petroleum products to ease price shock
Following the legislature's earlier passage of a law authorizing him to adjust fuel excise taxes, Marcos said the cost of liquefied petroleum gas, the country's fuel of choice for cooking, would be trimmed by 3.36 pesos (5.6 US cents) per kilogram from Tuesday.
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A resident stands along the seashore before the Sierra Leone-flagged Sara Sky, which is carrying crude oil from Russia, anchored at Limay port, Bataan province, the Philippines on March 26, 2026. (AFP/Ted Aljibe)
P
hilippine President Ferdinand Marcos said Monday excise taxes on LPG and kerosene would be trimmed to ease the fuel price shock wrought by the US-Israeli war on Iran.
"We were hoping for a good outcome from the peace talks (between) the US and Iran, but it appears they were unable to strike a deal, which is why we will continue to help our people," he told a news conference.
"We have reduced the tax on petroleum products directly used by our people in their everyday lives."
Following the legislature's earlier passage of a law authorizing him to adjust fuel excise taxes, Marcos said the cost of liquefied petroleum gas, the country's fuel of choice for cooking, would be trimmed by 3.36 pesos (5.6 US cents) per kilogram from Tuesday.
He said the price of kerosene, the cooking fuel used by poorer families, would drop by 5.60 pesos per litre.
Marcos said he would convene a meeting of a government crisis committee Tuesday to discuss possible excise tax adjustments on gasoline and diesel, the main fuels for public transport.
The Philippines sources its crude oil from the Middle East and imports refined petroleum products mainly from Asian refineries that are also dependent on crude oil shipped through the Strait of Hormuz that Iran has effectively closed.
Local diesel pump prices have more than doubled to about 145 pesos ($2.41) a litre since the start of the war.
The government revealed last week war-driven inflation figures that showed food prices had increased nearly twice as fast in March as the month before.
